Bank of England and Financial Services Bill — Combating Abusive Tax Avoidance Arrangements — 19 Apr 2016 at 17:00
The majority of MPs voted against giving the Financial Conduct Authority and Prudential Regulation Authority duties to combat abusive tax avoidance arrangements, including by ascertaining and recording the beneficial ownership of trusts.
MPs were considering the Bank of England and Financial Services Bill.
The proposed new clause rejected in this vote was titled: Combating abusive tax avoidance arrangements and stated:
- “(1) Section 3B of the Financial Services and Markets Act 2000 (Regulatory principles to be applied by both regulators) is amended as follows.
- (2) At the end of subsection (1) insert—
- (i) combating abusive tax avoidance arrangements.
- (a) in observing principle (i), the regulators must undertake, in consultation with the Treasury, an annual review for presentation to the Treasury into abusive tax avoidance, including measures to ascertain and record beneficial ownership of trusts using facilities provided by banks with UK holding companies or entities regulated by the Bank of England or the FCA, control of shareholders and ownership of shares, and investment arrangements in an overseas territory outside the UK involving UK financial institutions.
- (b) in this section “beneficial ownership of trusts” includes ownership of any equitable interest in a trust including being an object of a discretionary trust, power of appointment or similar arrangement as well as any vested interest under a trust;
- (c) “control of shareholders and ownership of shares in companies using facilities provided by banks with UK holding companies or entities regulated by the Bank of England or the FCA” shall include control by any person with control over a voteholder in a company as defined in Part VI Official Listing s.89F of the FSMA (2000) as applied mutatis mutandis to this context, whether directly or indirectly, and whether alone or in concert with some other person.””
Votes by party, red entries are votes against the majority for that party.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (No)||Minority (Aye)||Both||Turnout|
|Con||292 (+2 tell)||0||0||89.1%|
|Lab||0||190 (+2 tell)||0||83.5%|